Dear
As per income tax act maximum limit to claim exemption unser Sec 24(b) is 1,50000 for interest on locan taken for house property . and we can also take a credit of prior period interest for next 5 years .
But at the time of taking credit of prior period interest what is the maximum limit ?
you can only claim interest of Rs.1.50 Lac in a year.
if the house is self occupied then the limit is 1.5 lac for both pre construction period interest and current interest. but in case of let out for rent there is no limit.
In case of SELF OCCUPIED PRO,only max 1.5 lacs can b climed ..hw ever in case of LETOUT prop..no limit is there.........
Shyam Joshi & Associates
Pune
B.Com
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Vardhaman Group of India
Pimpri Chinchwad
CA Inter
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Boutique Investment Bank & Transaction Advisory Firm
Gurgaon
CA
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CAclubindia
